Tips on buying good domain names

I read a post titled “How to Buy Domain Names“, by serial entrepreneur James Siminoff on the 4HourWorkWeek blog. It’s a very tactical post, which is nice. It tells you, step by step, what you should be doing. It has some very generous advice, in addition to some overlooked advice, like: when you see a site you like, don’t make an offer. Ask if it’s for sale first.

I’m sure there is nothing more exhilarating that buying a domain for $8.95 and selling it for $10,000. That’s probably close to the equivalent of buying a share of Microsoft stock in ’86.

I think domains are still very important mostly b/c Google gives a lot of credit if your keywords are in your domain. I’m not NBC, where I can make hulu.com a household name. It’s also nice to have a name that you’re proud of. Will it be worth a lot to the person that buys your company? That probably has to do with a lot of factors, so we’ll avoid it for now.

Buying domains is a tough business b/c they’re so easy to maintain. Selling one good domain would let you buy an unlimited number of domains. I think it’s worth tracking down owners of good domains. It couldn’t hurt to ask if it’s for sale. Who knows, the person may need a couple of hundred bucks, yesterday.

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